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##### [solution] » You plan to take out a 30-year fixed rate mortgage for \$100,000.

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You plan to take out a 30-year fixed rate mortgage for \$100,000.
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You plan to take out a 30-year fixed rate mortgage for \$100,000.  Let P(r) be your monthly payment if the interest rate is r% per year, compounded monthly.  Interpret the equations:

(a) P(6) = 599.55

and

(b) P' (6) = 64.29

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This question was answered on: Feb 21, 2020

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